The Audit Committee has advised the board that in its view, the findings of the Report further support the integrity of the Company's accounting system and financial reporting in the PRC and the US. The review was detailed, and it is also the view of the board that the Company's processes were shown to be in accordance with good accounting practices."We are pleased the findings in the Report confirm our continued efforts to deliver good financial reporting and transparency for our shareholders," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "We look forward to reporting strong fiscal 2012 results and completing the acquisition of the Huajie Petroleum assets as a further catalyst for our growth in fiscal 2013." The procedures and findings of the Tax Reconciliation Report can be found on the Company's website at www.longweipetroleum.com under the "Investors" section. The report includes the following schedules as exhibits:
- Schedule A - Sales Revenue Compared between PRC SAT (CIT and VAT) filings to SEC filings
- Schedule B - List of Quarterly SAT - CIT Paid, Including Date, Amount, Voucher No. and Invoice No.
- Schedule C - List of Monthly SAT - VAT Paid, Including Date, Amount, Voucher No. and Invoice No.
- Schedule D - Comparison of December 31, 2011 SAIC filings to SEC filings for the same period of Calendar 2011
- Schedule E - Comparison of December 31, 2010 SAIC filings to SEC filings for the same period of Calendar 2010